FavePay Later now available in Singapore, Malaysia

by AZALEA AZUAR / pic source: Fave

SOUTH-EAST Asia’s fintech platform Fave has introduced its “Buy Now, Pay Later” (BNPL) service called “FavePay Later” in Malaysia and Singapore, allowing six million of its users to have quick access to interest-free credit which can be used at more than 40,000 stores.

It also aims to redefine how the new generation of consumers get and use credit.

FavePay Later allows eligible users to split purchases over three equal installments, while repayments will be drawn every month automatically.

There are no fees charged for on-time payments and customers would also earn up to 10% of cashback for every purchase.

The service is now available in all of Fave’s merchants in Malaysia and Singapore, including well-known retail brands such as Pandora, Marks & Spencer, Best Denki, Puma, GNC and more.

With consumers now being more careful with their finances due to the prolonged periods of lockdowns and social restrictions, FavePay Later gives them easier access to credit and for merchants to seek innovative ways to revive ailing sales.

Without dealing with additional integrations or platforms, the service is also hassle-free for merchants and they will benefit from higher conversion, revenue and customer loyalty without additional risk.

Fave CEO Joel Neoh said the company believes in pushing their boundaries and innovating to create better experiences as one of the leading payment apps in the region.

“FavePay Later is built with customer needs in mind, and it leverages our consumers’ trust in the Fave brand.

“We are excited to continue providing technology that helps our customers shop better, especially in the lead up to the reopening of shopping post-Covid lockdowns,” he said in a statement yesterday.

Neoh added that it is also becoming more important for merchants to work with partners that have integrated solutions.

Fave is a good example of these partners as they cater for cashless payments, loyalty and instalment payments that ultimately take care of all the processes and risk for merchants.

“In addition, merchants gain access to valuable user behaviour data and insights via Favebiz.com,” he commented.

FavePay Later is currently available for iOS, while an Android version will be available next month.

Meanwhile, a new study from Juniper Research revealed that BNPL services will account for over 24% of international e-commerce transactions for physical goods by value by 2023, from just 9% in 2021.

In 2026, the global number of BNPL users will exceed 1.5 billion transactions from 340 million in 2021.

According to key estimates from Coherent Market Insights, the market is also forecast to grow at a compound annual growth rate of 21.2% from US$7.3 billion (RM30 billion) in 2019 to US$33.6 billion in 2027, where Asia Pacific would lead the growth.

Recently, Fave opened up their application programming interface, or API, integration for online e-commerce platforms to support FavePay payments with BNPL and loyalty cashback features.

Fave will extend its BNPL services to South-East Asia’s largest online commerce companies within the latter half of 2021 since there is an increasing number of partnerships with large tech firms this year.

In April this year, Fave was acquired by Indian tech unicorn Pine Labs to speed up the global expansion process.